Financial Status Report

Best Practice

Project teams and administrators should be maintaining local charge activity for expenses within the last 45 days of the project so they can be added as expense adjustments as needed.
It is recommended copies of final reports be kept on file with the Award Record in the Unit Documents section of the Unit Info tab.

The Final Financial Status Report, or final FSR, is an electronic tool utilized to ensure all budget and expenditure activity for a project are documented and allows accurate final invoicing, or refunding, to the sponsor. Failure to submit reports in a timely manner can impact future funding to the University. The FSR is comprised of several reports combined together in an excel file with multiple tabs that may include the following components:

Instructions
FSR Letter
FSR Transfer Letter
FSR Worksheet
Late Charges Analysis
Adjustment Analysis
Cost Sharing Analysis

Every FSR will always include the FSR Worksheet and FSR letter, other tabs may be included depending on the nature of the project.

FSR Timeline:

It is important to remember the FSR Timeline is determined by the sponsor report due date and not the project end date!

FSR Notifications:

First FSR Request: sent to the SAPOC

Second FSR Request: sent to the SAPOC & Principal Investigator

Final Request: sent to the SAPOC, Principal Investigator, Department Manager & Dean's Office

Helpful Hint

Financial Status Closeout Training Resource
MyLinc Financial Status Report (FSR) Overview (*requires UMICH Level-1 permissions to access)

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